Oluchi ‘Lu’ Ekeruche believes in working smart. It is how she has succeeded as a model, built expertise in business, and built and grown ‘Dear Ketandu’, her organic beauty brand that combines sustainability and quality. Piggyvest spoke to Lu about her passion for beauty, leveraging existing relationships to find customers, and funding her business in the long term.
Hi Oluchi, please can you introduce yourself to the Piggyvest family?
Hi, my name is Oluchi Chionye Ekeruche. My customers know me as Lu. I am a model and I currently work as a production manager for a fashion and skate company. I have a bachelor’s degree in Mass Communication from the University of Nigeria, Nsukka.
What did you want to be growing up?
Before university, I always wanted to be a lawyer. I wanted to work in a big firm and get a big salary. However, when I got admitted to study Mass Communication, my goal was to work in a radio station and build a career as an OAP. Originally, business was never on my radar.
Tell me about your first job?
I’ve always worked. I started working when I was 14. I worked as a salesgirl during holidays when I was in secondary school. It was a way to earn some extra money for myself as my parents had separated, and money was tight. I continued doing this well into my time at university.
Was that all you did in University?
In university, it was expected that you would do a business to supplement your income, and my friends kept asking if I was interested in starting something. Modelling came into the picture in my second year of university, and my goal then shifted to building an international portfolio as a model.
So how did beauty come into the picture?
My parents separated while I was in school, and I wasn’t really getting an allowance from either of them. I had to prioritise the little money I got from relatives for essentials, and very little was left for luxuries like beauty products.
This was a problem because I was working as a model, and great skin was an important requirement for a successful modelling career. I found a way around this by making my own skincare from organic materials. I did have some mishaps, including burning my skin because the black soap I made wasn’t formulated properly. I began experimenting from there and that eventually grew into Dear Ketandu.
What is your relationship with fashion and how does that play into Dear Ketandu?
I am, first and foremost, an artist. I might not express this through traditional mediums, but I’m an artist nonetheless.
After secondary school, my mom wanted me to learn how to sew. I refused, and we had a big fight about it. After I finished university, I went to London for a modelling opportunity, I came back in 2019 filled with anxiety. The one thing I enjoyed was thrifting, so, I started reselling thrift items and got my friend and roommate to come in as an investment partner. We had some success, but I started upcycling when I realised it would allow us to charge more for our items. That went great for a while until the business stagnated.
So, I pivoted into paid employment for a while and worked for other brands, learning the ropes of how to run a business in the fashion and beauty industries. My early experience as a salesgirl and my love for creating led to the creation of Dear Ketandu.
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What inspired the name of your business?
My friend was going to have a baby and she asked that we look for names for the baby. I was searching on the internet and found the name ‘Ketandu’, which means ‘nourish’ or ‘good life’. I submitted my name for consideration and it wasn’t picked, but she suggested that it would be a great name for a business. So I opened an Instagram account and used the handle. I asked a few friends and they all gravitated towards the name.
When did you officially launch Dear Ketandu?
I started my brand last July.
At the time, I had lost my job and didn’t have the money to start on my own. However, I had a bit of luck. A friend who ran a beauty brand had made a bulk purchase of containers from China but discovered they were the wrong size. It was a huge hassle for her, so I offered to buy the containers from her.
I had several formulations written down that I looking to experiment with, and now that I had containers, I could go ahead with it. I went back to my roommate and business partner and convinced her to invest in this new venture. Thankfully, she saw the vision and came on board.
How did you get your first customer for Dear Ketandu?
When I made my first products for Dear Ketandu, I didn’t have a social media presence or money for online marketing. So, I planned the launch to coincide with an annual event called the Wellness Summit, organised by Gather Market and Ake Collective. I had previously retailed my clothing brand, The Other Hood, during their quarterly pop-ups, so I knew that Gather Market’s customers were receptive to wellness products.
I introduced the Sabi Butta Melt, my best seller, along with another product at the Wellness Summit. The attendees were very receptive, and our first customer purchased our butter because it featured a plant-based alternative to retinol.
It was a great test run, but it took another five months before I could launch the brand fully.
At what point did you realise Dear Ketandu had the potential to scale?
I always knew it had potential because I had worked closely with a friend who ran a beauty brand, and I was instrumental in growing the brand from one product when I joined to eight products by the time I left to start Dear Ketandu.
I also listened to a lot of podcasts by beauty influencers and learned a lot about how to make beauty businesses successful. I have spent the last year figuring out how to apply those lessons to this market too.
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What would you consider your biggest success running Dear Ketandu?
I started this business at a low point in my life, which makes me feel compelled to always include a positive message for the customer. You could buy a beauty product but not use it if you already feel like shit. So, I put an inspirational card to go with each purchase, and the feedback I have received about those cards and how the messages on them feel so timely and personal is very dear to me.
I’m also an overthinker, so I worry a lot about the products I create, especially the pricing. My bestseller, the body butter, costs ₦13,000, and I was concerned that customers might hesitate to invest in an unknown brand. But I’ve gained many repeat customers who trust me. There is a mix of what it does for them emotionally and what it does for them topically, and that is my measure of success.
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How do you fund your business?
My friends have been my primary source of funding. Two of my friends have invested in the business. I have also taken loans and paid them off at pivotal points during this journey. Currently, I’m looking to get grants to expand the business and possibly bring in an angel investor.
You rarely hear Nigerians talking openly about taking on debt to run their business. What has been your experience?
There’s a sense of shame I’m trying to deal with while running my business—the shame of debt. I know what it means to be financially comfortable and I know what it’s like to lack. When my parents were together, life was comfortable, and I went to the best schools. But after they separated, I experienced the financial challenges that followed.
That experience, combined with working for other people, has made me very serious about maintaining cash flow. I never take a loan without a clear plan for how the money will be used or without the ability to repay it. Whenever I take a loan to produce, I always factor in marketing for the brand, and I try to market at least 200% more than I would market if I were using capital.
How do you attract and retain customers?
I keep my product lines low. I only have two hair care products and five skin care products. Having a lean product line makes it easier to know where to invest. I also have products in several price ranges. Some products, like our hair tonic, move faster because they are cheaper. The more expensive products, like my ₦13,000 body butter, have a much healthier product margin.
Our products are formulated by experts who have been in the business for over a decade and I can’t compromise on that, but I try to cut costs by handling aspects of the business myself. The cheaper products provide a lower barrier of entry, but eventually, those customers get good results and buy our more expensive items.
What is your preferred method of saving?
Piggyvest. Piggyvest has always been my go-to, right from when I started making money.
What is your long-term savings/investment strategy?
I’ve always had a good financial goal/strategy, money is just the hindrance. Once I have enough disposable income, I plan to invest through the Piggyvest Investify platform.
Are there any financial mistakes you have made on your journey that you are trying to fix now?
At one point, I compromised on the quality of my product due to challenges with foreign exchange and logistics. It’s a decision I deeply regret. Moving forward, I’ve committed to never compromising on quality again, as it is crucial to the integrity and reputation of my brand. This experience has become a cornerstone of my growth strategy, reinforcing my dedication to maintaining the highest standards.
What advice would you give young entrepreneurs looking to enter the beauty business?
People tell you that the beauty industry is saturated and that every celebrity and their sister has a beauty brand. I would advise that you first find out why you want to start a beauty business because having a strong mission statement will keep you focused during bad spells.
Secondly, beauty is a serious business. It’s not just about influencing or getting people to buy your body oil. It has the potential to become as big as any tech company if you invest in it properly. So devote time to researching the industry, trends and best practices. There isn’t a lot of information about Nigerian beauty businesses, but there are definitely resources about global beauty brands.
Think of your business as a creative project. You have the ability to design it however you want. You don’t have to replicate the trends that everyone else is following. If you want to scale, even in Nigeria, you need to bring your perspective by bringing an editorial eye to your branding, presentation and product.
Finally, cash is king. Cash is more important than having 15 product lines. When you are making products, no matter how much you innovate, the only products that should be in your shop or on shelves should be the products that are consistently giving you money.
